Air France-KLM finance chief named CEO after union standoff

In a statement ahead of an annual shareholder meeting, Air France-KLM said the new three-person executive committee would comprise group Finance Director Frederic Gagey, who would take on the role of chief executive, and the existing heads of the two national brands that merged in 2004: Air France and KLM. Couderc has been a member of Air France KLM's supervisory board since 2016 and is former CEO of French publisher Hachette.

Air France workers have held a series of strikes since February, with unions demanding a 5.1 percent pay increase.

Air France KLM stressed it was continuing its search for a permanent successor to Janaillac.

Elbers said the temporary appointments would give the organization order and stability.

Moreover, regarding Air France, Couderc will also be appointed as non-executive chairman of Air France's Board of Directors and Franck Terner will remain as Air France's managing director. The role of the CDC will be to oversee and monitor the Group functions and coordinate strategic matters between the Group and its airlines.

It is hoped the solution - which includes KLM president Pieter Elbers in a management triumvirate - will bring peace to Europe's second-largest airline, the Telegraaf reported on Tuesday. "For my part, I will pay particular attention to strengthening the group's cohesion throughout this period". Janaillac had announced that he would step down on May 4 and officially submitted his resignation on Tuesday.

Members of the board expressed their "deep regret over the successive strikes" affecting Air France in recent weeks, adding they had a "negative impact on the group's financial results".

Tuesday's move is created to fill a gap left by the abrupt departure of chief executive Jean-Marc Janaillac after Air France staff earlier this month rejected a pay proposal aimed at ending a series of strikes that have resulted in heavy losses.

Janaillac said Air France was "going through one of the most hard crises in its history". He called for a "profound transformation" of Air France, adding that there was no time to be lost.

"The Board also asks them to continue the work already under way on Air France-KLM's medium-term strategic plan, a task which will be handed over to the Group's future governance".

New chair Anne-Marie Couderc said the board "has complete faith" in the ability of the committees to manage the group's activities during the transition.

RELATED NEWS

Trump, Uzbekistan president talk Afghanistan
The Uzbekistan leader came to power in 2016 following the death of the country's longtime autocratic ruler. Mirziyoyev has promoted gradual liberal changes in the Central Asian country of about 33 million. 5/17/2018

CBI charges jeweller Choksi, others in PNB fraud case
For the full fiscal 2017-18, bank posted standalone loss of Rs 12,282.82 crore against a profit of Rs 1,324.80 crore in 2016-17. Modi and his fellow people along with some officials of PNB frauded the bank of around $2 billion. 5/17/2018

ITC Q4 net profit up 10% on year at Rs 2933 crore
Net profit rose to Rs 2,933 crore in the four months ended March 31, 2018, from Rs 2,669 crore in the year-ago period. Shares of ITC were trading at Rs 287.10 on BSE in the afternoon trade, up 1.88 per cent. 5/17/2018

Investigation & Case Against Enzo Amore Is Now Closed
Arndt posted a letter from his legal counsel via social media thanking his fans for supporting him during his troubled times. Back in January, Enzo Amore was Champion of the Cruiserweight division and then he was accused of rape and released by WWE . 5/17/2018

Government to spend £400m on removing risky tower block cladding
Work has already started on 104 buildings, and the number of eligible schemes will be kept under review, the spokeswoman said. Weeks after the fire, the government said survivors would be offered permanent furnished social housing within 12 months. 5/17/2018

Analyzing Ascena Retail Group (ASNA) and Vince (VNCE)
A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. Now the stock price is moving -8.06% off from the highest level of twelve months and +72.73% above from twelve months low. 5/17/2018